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Release at 8:15 a.m. EDT
Ottawa, October 3, 2001
2001-083

Official International Reserves

- Official International Reserves 2001 -

The Department of Finance announced today that Canada’s official international reserves decreased by an amount equivalent to US$811 million during September to US$34,219 million.

Details on the level and composition of Canada’s reserves as of September 30, 2001, as well as the major factors underlying the change in reserves, are provided below. All figures are in millions of US dollars unless otherwise noted.


Foreign Currency Reserves
Securities			25,575
Deposits			4,629
Gold¹			335
Special drawing rights (SDRs)			616
Reserve position in the IMF			3,064

Total:	September 30, 2001		34,219
	August 31, 2001		35,030
Net change			-811
Details of Net Change
Foreign currency debt²			-1,464
Gains and losses on gold sales			0
Net investment gains and losses
Return on investments³			362
Foreign currency debt charges			-127
Revaluation effects			10
Net government operations⁴			-1
Official intervention			0
Other transactions⁵			409
Net change			-811
Details on Deposits
Other central banks/Bank for International Settlements			447
Banks headquartered in Canada			828
Of which: located abroad		528
Banks headquartered abroad			3,354
Of which: located in Canada		276	____
Total			4,629
Currency Composition of Deposits and Securities
US dollars			20,017
Euro			9,242
Yen			940
Other			5
Total			30,204

		0-1 month	1-3 months	3-12 months	Total
Predetermined Short-Term Drains on Foreign Currency Reserves (Nominal Value)
Foreign currency securities⁶	Principal	-1,155	-1,614	-3,323	-6,092
Foreign currency securities⁶	Interest	-99	-243	-944	-1,286
Aggregate short forward positions in foreign currencies vis-à-vis Canadian dollar		-395	-1,071	0	-1,466
Aggregate long forward positions in foreign currencies vis-à-vis Canadian dollar		0	0	0	0
Total net drains		-1,649	-2,928	-4,267	-8,844

Additional Items (Nominal Value)
Undrawn, unconditional credit lines with banks headquartered outside Canada			6,000
Securities lent under repurchase agreements⁷			-1,394
Securities held under repurchase agreements⁸			105
Financial derivatives assets (net, marked to market)
Forwards			-31
Swaps			-627

Notes:
There were no sales of gold in September. On September 30, gold holdings stood at 1.1 million ounces. The valuation is based on the September 30, 2001, London p.m. fix of US$293.10 per ounce. During September Canada bills decreased by US$734 million to a level of outstanding bills of US$3,302 million. Cross-currency swaps of domestic obligations raised US$270 million equivalent, and a total of US$1.0 billion in cross-currency swaps matured in September. "Return on investments" comprises US$89 million of interest earned on investments and a US$273-million increase in the market value of securities resulting from changes in interest rates. "Net government operations" are the net purchases of foreign currency for government foreign exchange requirements and for additions to reserves. The increase in the reserve position in the IMF resulted from increased support for IMF lending operations. "Foreign currency securities" include maturities of foreign currency debt, cross-currency swap payments and an estimate of interest payments on foreign currency liabilities. Securities lent under repurchase agreements are included in total reserves. Collateral provided in securities lending transactions is not included in total reserves. Cash invested under repurchase agreements is included in total reserves. Collateral provided in securities lending transactions is not included in total reserves.

Future Release Dates

The next release is November 5, 2001 (covering the period October 2001).

A list of upcoming release dates is posted on the Department of Finance Web site located at: www.fin.gc.ca/invest_x/releaseDates_e.asp

___________________
For further information:

Nigel Stephens
Financial Markets Division
(613) 943-1944

Harry Adams
Public Affairs and Operations Division
(613) 992-7763

If you would like to receive automatic e-mail notification of all news releases, please visit the Department of Finance Canada Web site at http://www.fin.gc.ca/scripts/register_e.asp

Official International Reserves (10-Year Synopsis)


	US dollars	Other currencies	Gold	SDRs	IMF position	Total

	(millions of US dollars)
September 30, 2001	20,017	10,187	335	616	3,064	34,219
August 31, 2001	21,658	9,874	312	615	2,571	35,030
July 31, 2001	21,619	9,012	309	588	2,276	33,804
June 30, 2001	21,465	8,401	315	582	2,252	33,015
May 31, 2001	21,871	8,085	311	586	2,408	33,261
April 30, 2001	21,940	8,018	306	575	2,368	33,207
March 31, 2001	22,407	7,830	300	573	2,403	33,513
February 28, 2001	21,942	7,608	310	587	2,464	32,911
January 31, 2001	21,709	7,663	313	572	2,581	32,838
December 31, 2000	21,692	7,327	323	574	2,508	32,424
November 30, 2000	21,324	6,613	319	565	2,256	31,077
October 31, 2000	21,230	6,163	313	546	2,292	30,544
September 30, 2000	21,163	6,331	324	554	2,325	30,697

Dec. 31, 1999	18,838	5,594	524	526	3,164	28,646
Dec. 31, 1998	15,907	4,004	122	1,097	2,297	23,427
Dec. 31, 1997	14,630	492	146	1,126	1,575	17,969
Dec. 31, 1996	17,521	507	155	1,168	1,227	20,578
Dec. 31, 1995	12,127	502	178	1,177	1,243	15,227
Dec. 31, 1994	9,693	526	199	1,148	910	12,475
Dec. 31, 1993	9,950	521	292	1,064	949	12,776
Dec. 31, 1992	7,864	1,518	478	1,039	1,010	11,909
Dec. 31, 1991	9,440	4,639	649	1,582	592	16,901
Dec. 31, 1990	11,476	4,326	735	1,526	517	18,581
Dec. 31, 1989	11,489	2,661	741	1,377	528	16,796



		Last Updated: 2004-02-03			Important Notices